Thursday, March 11, 2010

German car and truck maker Daimler said it has sold all of its 5.34% of the ordinary shares of Indian automotive company Tata Motors to various groups of investors through the capital market.

The company said it will receive a cash inflow of roughly euro 300 million from the sale of its shares, due to the recent increase in the price of Tata shares. Daimler said the transaction will have a positive effect on its EBIT of around euro 265 million and will be accounted for in the first quarter of 2010.

In a statement, Daimler said that having an equity position in Tata is no longer necessary. The company said it is in an “excellent position” to capitalize on the growth potential of the Indian passenger and commercial vehicle markets and continues to intensify its own activities there. Daimler said it made the move “in full consultation” with Tata, and that relations between the two companies “are excellent and will not be adversely affected by this sale.”

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